SEBI Action On Mehul Choksi: The inventory market regulator SEBI has taken an enormous determination in opposition to the financial fugitive Mehul Choksi. SEBI has issued an order to connect the holding of Mehul Choksi’s financial institution accounts, shares, mutual funds. The regulator of the inventory market had imposed a tremendous on Choksi in October 2022. Which he hasn’t paid but. Due to this, SEBI has ordered attachment of its belongings.

SEBI needed to get better Rs 5.35 crore from Mehul Choksi. The fugitive businessman has not but paid this quantity. After which SEBI has ordered attachment of his financial institution accounts and shares and mutual fund holdings.

SEBI had imposed this tremendous on Choksi in October 2022 in a case of fraud associated to the buying and selling of shares of Gitanjali Gems Limited. The discover issued by Sebi on Wednesday features a penalty of Rs 5 crore, curiosity of Rs 35 lakh and restoration price of Rs 1,000.

Prior to the attachment order, SEBI had despatched a requirement discover to Choksi on May 18 asking him to deposit Rs 5.35 crore. SEBI then warned that non-payment inside 15 days can be accompanied by arrest and attachment of financial institution belongings.

Mehul Choksi was the MD-Chairman of the corporate with Gitanjali Gems being the promoter. Also, he appears to be the maternal uncle of one other financial fugitive Nirav Modi. Both are accused of defrauding public sector financial institution Punjab National Bank to the tune of greater than Rs 14,000 crore. After this rip-off got here to mild in 2018, Mehul Choksi and Nirav Modi left the nation and fled overseas. While Mehul Choksi is in Antigua, Nirav Modi is lodged in UK jail and has challenged India’s extradition petition.

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